Masdar City: UAE Space Agency To Establish First Space Economic Zone
When it comes to creating alliances in the commercial and space industries, the United Arab Emirates (UAE) has proven to be a formidable force. With that said, the UAE Space Agency has made significant progress with new projects and missions that will astound the entire world!
The UAE Space Agency and Masdar have teamed up to create the country’s first space economic zone in Masdar City, one of the world’s most sustainable urban communities and a low-carbon metropolis comprised of rapidly growing clean-tech corporations, business free zone, and residential neighborhoods with restaurants, shops, and public green spaces.
This new cooperation aims to build an integrated business ecosystem that will aid start-ups and small & mid-size enterprises (SMEs) in the space sector. The new zone will also serve as a research and development hub, with world-class facilities and a conducive atmosphere for the development of the country’s space sector.
According to the agreement, the Masdar City Free Zone would issue business licenses to businesses involved in the launch sector, satellite communication, logistics, data analysis, research, technology, and engineering, among other fields. The UAE Space Agency and the International Renewable Energy Agency (IRENA) already have offices within Masdar City.
The space industry, according to Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency, is the next frontier of corporate growth that will fuel the country’s economy for the next 50 years. The aim is to create a competitive private sector, enhance national capacities, promote public-private partnerships, and encourage the spirit of entrepreneurship. These sectors will see fresh success with this new partnership in Masdar City.
This is wonderful news as the United Arab Emirates embarks on a new age of space excellence and development, the first of its kind in the Middle East.
